Sunil Jain, Chief Executive Officer of Hero Future Energies, told Livemint that the company plans to charge batteries and then provide them to vehicles which arrive with drained batteries.

Moneycontrol News

Hero Future Energies, a company promoted by the Munjal family, is preparing to make an entry into the battery storage business and set up charging stations to take advantage of the growing electric vehicle (EV) market in India, according to a report in Livemint.

Sunil Jain, Chief Executive Officer of Hero Future Energies, was quoted as saying that the company plans to charge batteries and then provide them to vehicles which arrive with drained batteries.

“Technology is changing very fast. We are looking at solar charging stations,” Jain was quoted as saying.

The company’s plan comes at a time when Department of Heavy Industries (DHI) has reported to a government committee on EVs with its specifications for charging stations.

Hero Future Energies, which aims to be present across the solar energy value chain and expand into Africa and India, is planning to set up a 100 megawatts capacity large grid-connected solar plant in South-East Asia.

Apart from storage, the firm is also setting up solar roof-top projects. The plan is to enter the integration business of batteries and to manufacture them in the long run. However, the company does not plan to manufacture cells.

As a measure to keep a check on the ever growing privately-owned petrol and diesel fueled vehicles, the government think-tank NITI Aayog has already recommended fiscal incentives to electric vehicle manufacturers.

It also plans to put in place an EV policy by the end of the year. With the GST tax rate set at 12 percent for electric vehicles, compared to 28 percent plus cess for petrol and diesel cars and hybrid vehicles, the government has made its intentions clear on promoting electric vehicles.